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Subsequent Events
3 Months Ended
Dec. 31, 2013
Subsequent Events

14) Subsequent Events

Quarterly Distribution Declared

In January 2014, we declared a quarterly distribution of $0.0825 per unit, or $0.33 per unit on an annualized basis, on all common units with respect to the first quarter of fiscal 2014, payable on February 7, 2014, to holders of record on January 30, 2014. In accordance with our Partnership Agreement, the amount of distributions in excess of the minimum quarterly distribution of $0.0675, are distributed 90% to the holders of common units and 10% to the holders of the General Partner units (until certain distribution levels are met), subject to the management incentive compensation plan. As a result, $4.7 million will be paid to the common unit holders, $0.1 million to the General Partner (including $0.05 million of incentive distribution as provided in our Partnership Agreement) and $0.05 million to management pursuant to the management incentive compensation plan which provides for certain members of management to receive incentive distributions that would otherwise be payable to the General Partner.

Second Amended and Restated Revolving Credit Facility Agreement

In January 2014, the Partnership entered into a second amended and restated $300 million ($450 million during the heating season of December through April of each year) revolving credit facility agreement.

Acquisition

In January 2014, the Partnership entered into a definitive agreement to acquire Griffith Energy Services, Inc. (“Griffith”) of Columbia, Maryland from Central Hudson Enterprises Corporation. Griffith has operations in Virginia, West Virginia, Delaware, District of Columbia, Maryland, and Pennsylvania and serves approximately 50,000 customers.

Under the terms of the agreement, the Partnership will acquire Griffith stock for $69.9 million plus working capital, which will be determined at closing. The Partnership will purchase Griffith utilizing cash on hand and borrowings on its recently restated and amended credit facility. The acquisition is anticipated to close during the second fiscal quarter of 2014, subject to customary closing conditions and regulatory approval.